Posted on 02/12/2008 7:37:17 PM PST by MotleyGirl70
Direct Deposit Expected To Be More Common
VERO BEACH, Fla. -- The nation's first baby boomer received her first Social Security retirement benefit Tuesday in Vero Beach, Fla., local station station WPBF is reporting.
Kathleen Casey-Kirschling was born one second after midnight on Jan. 1, 1946. The 62-year-old retired teacher who lives in Earleville, Md., and Vero Beach applied for her benefits online, and received her payment by direct deposit.
"Like many of her fellow boomers, Kathy leads a full and busy life," said Jim Courtney, Social Security deputy commissioner for communications. "By choosing direct deposit, Kathy's benefit is safely and conveniently deposited into her bank account. No matter where in the country - or the world - Kathy is, her money is as close as the nearest ATM or just a mouse click away through online banking."
This marks another milestone for the post-World War II generation.
Federal officials in Florida are calling her "a trendsetter for her generation" since she decided to receive her benefits by direct deposit.
"Direct deposit is a win for everyone," said Judith R. Tillman, commissioner of Treasury's Financial Management Service. "For the last three years, Treasury has led a campaign called Go Direct to educate Americans about the many benefits of direct deposit. We at Treasury congratulate Kathy on receiving her first Social Security payment and on her decision to Go Direct."
At an event Tuesday in Vero Beach, Social Security also premiered a new video public service announcement that promotes filing online for retirement benefits. The video, featuring Casey-Kirschling, was posted to the Social Security Web site Tuesday afternoon.
Social Security officials claim that direct deposit eliminates the risk of lost or stolen checks, reduces fraud, helps protect against identity theft and gives people more control over their money. Direct deposit also saves taxpayers millions of dollars. According to the Financial Management Service, if every current federal benefit check recipient switched to direct deposit, it would save taxpayers about $130 million a year.
Over the next two decades, nearly 80 million baby boomers -- about 10,000 per day -- will become eligible for Social Security.
If no changes are made, the Social Security trust fund is projected to deplete its reserves in 2041 and will begin paying out more in benefits that it collects in payroll taxes in 2017.
What will you do when gen-x comes, torches in hand, to slay you....:)
Why is that any of your business.
Thank you. I’m doing what I can.
From our early estimates, it looks like we can stash up enough money over this year where we’ll be set in 2009. I’ll take out a special-rate student loan through my mother’s employer, use that money to finish school, and then get the heck to work. (I’m a Computer Information Systems major. Should be plenty of local employment to go around. Hospitals need computer support.)
It means I’ll have been an on-again/off-again student for seven years, even though I’ll have actually been going to class for only 5 1/2 of those seven years, but hey, I have an excuse.
Huh???? Every public employee retirement system that I know about is able to have benefits continue on to a named beneficiary.
It will be officially referred to as “putting them to sleep.”
Funny you should say that because I’m barely generation X.
Instead of grabbing your ankles, you should start a movement to have all boomers declare where they stand on the abortion question. Then tell all those who are anti-life/pro-abortion...
“Sorry, you won’t be collecting any Social Security benefits because you were for killing off the 50 million+ Americans who would have lived and been paying into the system.”
Being able to continue his pension would be news to me. Then again, I’m not handling the finances.
military retirement doesn’t pay after death....unless you have the worthless SBP
“If your outflow is more than 35% your inflow, you can’t afford it.”
My mama raised me cautious. I would be nervous if 1/3 of my check (before or after taxes) went to mortgage.
LOL!
Post of the day.
“I’m 23. Combining this news story with the imminent election of a liberal (whether it be a Republican or a Democrat) I may as well just bend over and grab my ankles.”
I’ve said that since your age! 43 now~~~
I sorry for your loss as I lost my Father when I was 13. He paid into the system for 30 years (Professional) and 2 of us kids received SSDI until 18. The gov still made out.
Let's hear it for low expectations!
...hoorah.
...or something.
For you X’rs.....just thought of this....My husband and I SAVE about 30% of our NET pay per year....and have been for a while....so that we won’t have to RELY on SS....now, granted, we haven’t had to put any children through college, so that helps....but, just so you know....YOU CAN DO IT (on one salary, too.)
With that rule and a strong work ethic is your character, you will do well.
I’m a bit confused. I was born in 1960, and all my life I’ve been told I was post-baby boom. I’ve always heard the baby boom ended in the mid-fifties.
When did they extend the “baby-boom” to 1964???
Hank
You have plenty of time! Most 23 year olds I know have no clue where they are headed. (My little sis just graduated with CIS major and she has a good, stable job. You’ll be all set in a few years.)
Don’t forget to have fun and sample the chicks in your 20’s. Then when you get to the 30’s like me, you won’t feel like you missed out and you’ll know you have the best/right person.
Yep. 1946-1964
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